Oil stockpiles 'declining rapidly', head of International Energy Agency warns
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The world should brace for hikes in food prices with oil stockpiles "declining rapidly", the head of the International Energy Agency says.
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Fatih Birol warned stored supplies of oil were falling, with inflation a possible outcome.
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Speaking at the G7 meeting of finance ministers in Paris, Mr Birol said there were still "several weeks" left in the stockpiles.
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But these were shrinking rapidly as a result of the Iran War and the blocking of the Strait of Hormuz.
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TRENDING Stories Videos Your Say Mr Birol said: "It will be several weeks, but we should be aware of the fact that it is declining rapidly.
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